Trammell Crow Co.'s John Boyle, principal and David Boyle, senior associate, along with the firm's Chicago office represented Lawson in the negotiations. Shorenstein Co., the property owner, was represented in-house by the company's regional leasing director JoAnn Stock.
Bay Colony was completed in 1998 and consists of three four-story buildings and one three-story building at 950, 1000, 1050 and 1100 Winter Street. The center totals 940,000 sf and is located on a hillside overlooking the Cambridge Reservoir. The 58-acre site is on Route 128 ten miles from Downtown Boston.
Lease rates for this deal were not available, but the average asking rent for office space in the area is about $25 per sf. The area continues to experience a vacancy rate of about 20%, according to Grubb & Ellis's most recent statistics. The Bay Colony center is about 86% occupied with nearly 131,000 sf available.
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